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489584
OPTION AGREEMENT
THIS AGREEMENT made this.~_ day of N ~ , 1980, between
MARIAN J. HUGHES , party of the first part and ANN L. TSCHANTZ ,
party of the second part.
FIITNESSET'H, that said party of the first part, for and in consideration
of the sum of TEN DOLLARS and other good and valuable consideration to her
in hand paid by the party of the second part, the receipt whereof is hereby
acknowledged, has granted, bargained, and sold to said party of the second
part, and by these present does hereby grant, bargain, and sell to the said
party of the second part, her heirs and assigns, the right of first refusal
should the party of the first part or her heirs or assigns desire to sell
her undivided one-half (1/2) interest in the property held jointly by the
party of the first part and the party of the second part as Tenants in
Common, said property being described as Lot 10, Block 6, THUMB POINT,
according to the plat thereof recorded in Plat Book 10, page 79, Public
Records of St. Lucie County, Florida. As part of the aforementioned
consideration, said party of the second part does hereby covenant and grant
unto the party of the first part, her heirs and assigns, the corresponding
right of first refusal should the party of the second part or her heirs or
assigns desire to sell her undivided one half (1/2) interest in the said
property. -
This right of first refusal shall be executed in the following manner:
1. Should either of the tenants or her heirs or assigns desire to sell
her undivided one half (1/2) interest in the subject property, she or her
legal representatives shall, before making any offer to sell or accepting
any offer to purchase, deliver to the remaining or surviving tenant a written
notice of her intent to sell, which notice shall contain the terms of the offer
she has received or proposes to make and the name and address of the prospective
purchaser.
2. The remaining or surviving tenant, within fifteen (15) days after
receiving such notice shall. either consent to the transaction specified in
~ said notice, or by written notice to the selling tenant shall declare that
I she or any other person satisfactory to her is willing and able to purchase
said undivided one-half (1/2) interest upon the same terms as those specified
in the original note from the selling tenant.
3. If the remaining or surviving tenant desires to purchase the
undivided one-half (1/2) interest of the other tenant, or if she designates
~ a satisfactory third person who is willing and able to complete the purchase,
then the closing must be within thirty (30) days of the selling tenant's
receipt of the remaining or surviving tenant's notice of intent to purchase.
4. Failure to close within said thirty (30) days shall be deemed
consent by remaining or surviving tenant to the selling tenant's original
offer to sell to a third party.
5. Any attempt to sell the undivided one-half (1/2) interest without
the compliance with the provisions in this agreement shall be deemed a breach
of this agreement, and shall be wholly null and void, and shall confer_no
~ title or interest whatsoever upon the intended purchaser.
6. If one tenant desires to sell to the other tenant directly without
receiving or making an offer to a third party, then the sale price shall be
the fair market value determined by agreement between the seller and purchaser.
In the absence of agreement, the price shall be determined by an independent
` appraiser appointed by the Chairman of the local Board of Realtors. Upon
determination of the price, the selling tenant and the purchasing tenant shall
execute a bona fide contract of purchase and sale of the undivided one-half
interest in the property. Closing shall take place within thirty (30) days
of the execution of the contract.
~ ~ 8(i01~(~~ PACE JO